Yet another set of macro data that will keep 'em guessing as Oil inventories rose more than expected and the Kansas City Fed's Manufacturing index dropped to 28 month lows and went negative for the first time in two years. Oil inventories rose significantly (and WTI drops below $99) bucking the notable seasonal trend (and missed expectations dramatically). These two combined to be enough to take the edge off the rally in stocks and pull ES (the e-mini S&P futures contract) back to its VWAP.
KC Fed went negative for the first time in two years and dropped to lows not seen since AUG09.
Seasonality is very strong in oil inventories (light blue line) making today's huge jump in inventories stand out even more (though last week's decade low shift seems to have helped). We also note that this is a deacde-old seasonal high build inventories.
Charts: Bloomberg